At press time, the most important cryptocurrency by market cap is buying and selling within the $6,400 vary and is just about unchanged from yesterday and the day earlier than. $6,400 is clearly a cushty spot for bitcoin; it has remained right here for a while and isn’t exhibiting any indicators of transferring.

Apparently, bitcoin suffered a serious blow this morning because the Securities and Alternate Fee (SEC) has made the choice to outright reject 9 extra bitcoin ETFs, together with one by ProShares for 2 separate bitcoin-related exchange-traded funds. The SEC argued that the corporate’s utility didn’t fulfill “the requirement nationwide securities change’s guidelines be designed to forestall fraudulent and manipulative acts and practices.”

“The denial of ProShares Bitcoin ETF and Quick Bitcoin ETF proposals have been anticipated. Whether or not the ETF relies on future contracts or the spot bitcoin value, SEC most probably needs an extended interval of underlying market efficiency earlier than they approve the primary bitcoin ETF.”

The one huge hand bitcoin fanatics have left to play is the appliance from VanEck and SolidX. The appliance nonetheless stands an opportunity and is awaiting the SEC’s resolution on September 30.

For probably the most half, the SEC appears to be utilizing the identical excuse each time it chooses to disapprove or reject a brand new utility. In an official assertion, representatives assert:

“The Fee is disapproving [of bitcoin ETFs]as a result of, as mentioned beneath, the Exchanges haven’t met their burdens underneath the Alternate Act and the Fee’s Guidelines of Observe to exhibit that the proposals are in keeping with the requirement of the Alternate Act Part 6(b)(5).”

The notion is that bitcoin remains to be a comparatively new know-how; that it isn’t doing sufficient to forestall fraudulent exercise within the crypto area and stays extraordinarily unstable, and subsequently can not attain correct belief.

The excellent news is that merchants aren’t panicking concerning the brand new wave of rejections, and bitcoin is remaining precisely the place it was earlier than. As well as, one supply means that the bitcoin technical charts present bearish exercise starting to exhaust, and thus an enormous turnaround for bitcoin might be on its approach.

E-Toro analyst Mati Greenspan claims that one of many huge causes as to why bitcoin and cryptocurrencies fell following their December 2017 highs is that many of those currencies’ blockchains have been present process too many transactions without delay and couldn’t document all of them. Finally, the programs crashed, and the costs started to hunch.

Nevertheless, he now claims that the issue has come to an finish:

“In November and December, the bitcoin blockchain turned flooded by too many transactions because the miners weren’t in a position to affirm them in a well timed method. Nevertheless, from the beginning of this yr, that drawback has utterly vanished.”